Stocks ended sharply lower on Wall Street Thursday, and the benchmark S&P 500 closed at a three-month low as corporate earnings and inflation continued to hold investors' attention.

The S&P 500 lost 1.1% and the Dow Jones Industrial Average fell 0.9%. The Nasdaq slumped 1.3% after rising by 2% earlier in the day, mostly due to a reversal in technology stocks.

As investors prepare for higher interest rates, shares in pricey tech companies and other expensive growth stocks look relatively less attractive.

The major indexes yo-yoed between gains and losses throughout the day.